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Asian markets were mostly higher in overnight trading with the Nikkei surging 3.6% to over 14,000 for the first time since June 2008. Europe is rallying and U.S. futures are modestly higher. Global shares are near five-year highs. German factory orders rose 2.2% month-over-month in March. This beat expectations for a 0.5% drop, giving some hope to Europe. Meanwhile, check out Jim O’Neill’s view of the world from now through 2030 > Australia’s central bank cut rates to [...] By Paul B. Farrell, MarketWatch
Yes, flipping houses, your big new window of opportunity. Flipping commercials increasing on drive-time radio. The Wall Street Journal reports “housing market accelerates … prices jump 9.3% in quickest rise since 2006, gains seen across country.” Over on 24/7WallSt.com you can see its coast-to-coast “10 Best Cities to Flip a House:” The New York/New Jersey/North East sector had average $118,376 profits on holdings of 118 [...] The Global ‘Canary In The Coalmine’ Is Sick One of our most favorite economic indicators to follow is South Korean exports. It’s a favorite of Jim O’Neill. Goldman Sachs and UBS both literally refer to it as a “canary in the coalmine” for the economy. Korean trade data usually comes before the first trading session of the month in Asia, which makes it the first of the world’s major economic indicators to be released. Because Korea’s exports are heavily exposed to China and [...] S&P 500 runs triple-dip risk The stock market hasn’t been this carefree since early 2007. Should we be worried about that? As the S&P 500 Index moves toward an all-time high and volatility sits at multiyear lows, investors should remember we’ve been here twice before, with the index just below 1,600 both in 2000 and 2007 only for it to take a dive soon after. So is a third dip on the horizon? [...] Jim O’Neill, chairman of Goldman Sachs Asset Management, spoke with Tom Keene and Sara on “Bloomberg Surveillance” today and said that the Bank of Japan must show it is serious about inflation targeting for the yen to weaken further. O’Neill said: “We’ve traveled a long way since late November” and “classical indicators suggest it is oversold.” The Bank of Japan “has got to show its going to take this 2 percent [...]  The inevitable end of that supremely flawed monetarist experiment – the Eurozone: “Each subsequent “save” of the European debt crisis has been devised by the Eurocrats coming up with some new amalgamation of an entity that is more complex than its predecessor that is designed to project size, strength, and confidence to investors that the problem has been solved. Raoul, a friend of mine who resides in Spain, put it best: “Let’s [...] At the beginning of each month, Markit, HSBC, RBC, JP Morgan and several other major data gathering institutions publish the latest local readings of the manufacturing purchasing managers index (PMI) for countries around the world. PMI is one of the best leading indicators of the economy. Each reading is based on surveys of hundreds of companies. Read more about it at Markit. These are not the most closely followed data points. However, the power of the insights is unparalleled. Jim O’Neill, Chairman of Goldman [...] You would think that the horrific fiscal cliff scenarios relayed by economists would get Congress moving as the deadline to act is fast approaching.
This was the assumption Goldman’s Jim O’Neill had made, only to be disappointed. O’Neill recently spent a week in DC. Here’s what he had to say in his new Viewpoints note: That evening, I watched an hour or so of the debate live before my age and jet lag caught up [...] Donna Anderson More than 200 workers from 28 Walmart stores in 12 different cities walked off the job on Tuesday, only the second multi-store strike in Walmart history. Converging on the annual investors meeting being held in Walmart’s hometown, Bentonville, Arkansas, the group issued the following ultimatum: Stop retaliating against workers trying to organize or Black Friday 2012 will indeed be one for the record books. If Walmart doesn’t [...] HEADS UP: It’s global PMI day, and this is our scorecard. …. SCORECARD Japan: Markit/JMMA Manufacturing PMI — 48.0, up from 47.7 in August South Korean exports is widely recognized as the most reliable leading global economic indicator.
It’s a favorite of Jim O’Neill. Goldman Sachs and UBS both literally refer to it as a “canary in the coalmine” for the economy. We recently learned that South Korean exports plunged 8.8 percent in July, which was much worse than the 3.7 percent decline expected by economists. Read more: http://www.businessinsider.com/ubs-economic-canary-in-the-coalmine-korean-exports-2012-8#ixzz22R1F4jrx HEADS UP: It’s global PMI Day, and this is our scorecard.
Japan kicked things off earlier with a horrible July PMI number. Things really pick up at 8:00 PM tonight with South Korean PMI. The crucial Chinese PMI numbers come out at 9:00 PM and 10:30 PM. At the beginning of each month, Markit, HSBC, RBC, JP Morgan and several other major data gathering institutions publish the latest local readings of the manufacturing purchasing managers index (PMI) for countries around the world. PMI [...] Jim O’Neill, Chairman of Goldman Sachs Asset Management, eloquently lays out what may be the only solution to save the euro in a new op-ed on The Telegraph’s website.
Currently, the euro crisis is about Spain and Italy, whose sky-high government borrowing costs make managing their struggling economies seem hopeless. “Spain and Italy desperately require lower bond yields,” he wrote. For now, these countries are stuck in the eurozone where forces like Germany have been unwilling [...] BERLIN (AP) — Germany’s finance minister is rejecting talk of a possible application from Spain for the eurozone’s bailout fund to buy the struggling country’s bonds, a newspaper reported Saturday. This week, European Central Bank head Mario Draghi promised to do ‘‘whatever it takes’’ to preserve the euro. The German and French leaders then said that they were ‘‘determined to do everything to protect the eurozone.’’ Neither mentioned any specific action. But [...] SAN DIEGO (CBS) – Tevita Alatini, a 7-year-old originally from Texas, died after developing a mysterious rash under his arm while vacationing with family July 9 at Camp Pendleton’s Lake O’Neill Recreational Park near San Diego. Alatini was with his family when he developed a small rash that spread quickly. When he complained of a pain in his side, his family rushed him to the emergency room where he died a short [...] (Reuters) – As China slips, the second-half performance for many emerging market mutual funds might soon follow. In recent months, investors have been pulling hundreds of millions of dollars out of stock funds that invest mainly in companies associated with the big four emerging market nations of Brazil, Russia, India and China. But it’s China that is causing most of the worry for fund investors, amid signs that the world’s second-largest economy is slowing more [...] Jim O’Neill has been bullish on the U.S. economy for a long time. And he continues to be bullish.
But in his latest Viewpoints note, his tone changed dramatically. (emphasis ours): It is rather irritating to those that try to see a brighter life out there, but there is no doubt about it, the evidence from many economies has gotten worse again this past week, especially in the US. Friday’s payrolls, especially after yet another false [...]
The Ulster Bank has located £50,000 in electronic payments made to a small business, that had been missing. The payments to NIAVAC, based in east Belfast, had been made over the past two weeks but owner James Conlon had been unable to locate them. He was informed by the bank on Wednesday that they had been found. A technical failure on 19 June has affected many customers’ accounts across the Royal Bank [...] Markets have hung on every word from the world’s central bankers since the financial crisis hit in 2008. But now, some economists — and even central bankers themselves — suggest it may be time to stop putting so much stock in their powers and prognostications. “It’s an illusion that central banks, by pumping money in [to the economy], can create real economic growth and they can redress these huge debt imbalances,” [...] In the latest Viewpoints from Jim O’Neill he makes a very good point for any investor: “Does it ultimately matter for European equity markets whether the Euro (in its current form) persists or not? European equities are so cheap that perhaps investors should ignore any of the above points for a few months, turn off their computers and TVs and disappear on a long vacation. “ A college education was once regarded as a first-class ticket to a better life. But the rising costs of higher education, the burden of student loans and a less-certain job market have left many wondering: Are too many young people going to college? We sat down with a group of education-policy experts—Sandy Baum, senior fellow at George Washington University’s Graduate School of Education and Human Development; James O’Neill, co-founder of the Thiel [...] Amazing how 52 cops can respond so quickly to beat a diabetic to death, yet if you call them for help it takes them at least 45 minutes to get there ( I don’t call them for help though, who needs this kind of “help” ? ). http://www.courthousenews.com/2012/06/06/47162.htm BALTIMORE (CN) - When an architect crashed his car while suffering a diabetic reaction on the way home from Bible study class, state and county [...] ELMONT, N.Y. – With racing atwitter over a possible Triple Crown, of course I’ll Have Anotherhas an account on Twitter. So who is doing his tweets? “The horse is. … He’s having a hard time with the hoofs with the keys,” trainer Doug O’Neilldeadpanned today at a Belmont Stakes press conference. The Twitter address is @I’ll Have Another. The profile: “I am the Kentucky Derby and Preakness 2012 winning three year old chestnut colt living the [...] BALTIMORE (CN) – When an architect crashed his car while suffering a diabetic reaction on the way home from Bible study class, state and county police pepper sprayed him in the face and clubbed and Tasered him to death, his wife claims in court. From the latest letter (.pdf) from Goldman Sachs Asset Management chairman Jim O’Neill come some really nicely-put thoughts on Greece. In a nutshell, he says that when all his clients ask him about Greece and Europe, his observations are: 1) Greece is facing an ultimatum in the next election. 2) The ECB will do everything to avoid contagion (think: massive liquidity injections). 3) The mood in Germany is changing towards tolerance of inflation and Eurobonds. Here’s his full, written-out [...]
BALTIMORE – Two weeks ago, J. Paul Reddam’s I’ll Have Another ran down pacesetter Bodemeister to take the Kentucky Derby under the Twin Spires at Churchill Downs. On Saturday, I’ll Have Another took on that pacesetting rival in the 137th running of the Preakness Stakes and gutted out a neck victory to take the second jewel of the Triple Crown at Pimlico. The front-running Bodemeister took command straightaway and set more [...] First, South Korean export data – which is one of Jim O’Neill’s favorite datapoints — was very weak. Then UK PMI just came out, and confirmed that exports were slowing to Europe, Asia, and the US. This is on top of weak Dallas Fed and Chicago PMI numbers yesterday. The one exception: A decent showing from the Chinese PMI, which showed orders and exports strong. We’ll known a lot more over the next 24 hours. US ISM is coming out in a few [...] Now that those so inclined are once again advised to wake up at 4 am in the morning just to keep track of the Bid To Cover of each and every blowing out European auction (which absent a few trillion in ECB liquidity would be a sheer disaster), just like in the summer and fall of 2011 (but remember, according to Jim O’Neill 2012 is “nothing like 2011“), it would [...] In a Financial Times column published today, Goldman Sachs Chairman Asset Management Chairman Jim O’Neill argues that Europe—and not Europeans—needs a stronger voice at the international Monetary Fund. His appeal comes ahead of joint IMF-World Bank meetings that will begin this Friday in Washington, DC. O’Neill argues that representatives of specific European countries dominate IMF discussions rather than officials who back centralized European objectives. A recent proposal would diminish Western Europe’s power at IMF meetings [...] From FT: The move would signal a long-overdue shift towards aproactive strategy vis-à-vis IMF governance reforms whereby Europe could finally break with the current “wait-and-delay” tactic, precisely at a moment when it needs powerful allies within the fund membership in order to erect a credible global firewall. France, Germany, and Italy would together help set the right tone for ongoing G-20 and IMF negotiations, where many non-European shareholders are expected to [...] |
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